Board Roles and Responsibilities
The Board of Directors is responsible for supervising the management of Coast Capital Savings’ business and affairs and reporting Coast Capital Savings’ performance to the members. The Board reviews its mandate regularly to ensure that it reflects governance best practice.
The Board Chair presides over the Board and ensures that the Board carries out all of its duties and responsibilities effectively and independent of management. The Chair fosters relationships between the Board and members, management, regulators and other stakeholders.
Each Director on the Board works to provide strategic advice and business oversight of the credit union’s operations. This involves contributing to corporate strategy and oversight of Coast Capital Savings’ complex financial business. Directors are required to act honestly, in good faith, and in the best interests of the credit union.
The Vice Chair is responsible for helping the Board Chair fulfill their responsibilities, chairing Board meetings when the Board Chair is not available, and representing Coast Capital Savings to the public.
The Board must be independent so that it can effectively challenge management and provide constructive and objective oversight. The Director Independence Policy sets out Coast Capital Savings’ approach to director independence, consistent with governance best practices and legislative requirements.